Equifax 2008 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2008 Equifax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

28FEB200910255904
requirements. We may elect to make additional discretion- Other Benefits. We maintain certain healthcare and life
ary contributions to our plans in excess of minimum fund- insurance benefit plans for eligible retired employees. Sub-
ing requirements, subject to statutory limitations. stantially all of our U.S. employees may become eligible for
the healthcare benefits if they reach retirement age while
Supplemental Retirement Plans. We maintain two supple- working for us and satisfy certain years of service require-
mental executive retirement programs for certain key ments. The retiree life insurance program covers employees
employees. The plans, which are unfunded, provide sup- who retired on or before December 31, 2003. We accrue
plemental retirement payments, based on salary and years the cost of providing healthcare benefits over the active
of service. service period of the employee.
Obligations and Funded Status. A reconciliation of the benefit obligations, plan assets and funded status of the plans is
as follows:
Pension Benefits Other Benefits
(In millions) 2008 2007 2008 2007
Change in benefit obligation
Benefit obligation at January 1, $ 581.6 $ 582.7 $ 32.9 $ 30.7
Service cost 11.0 10.8 0.5 0.4
Interest cost 34.8 33.2 1.9 1.7
Plan participants’ contributions ——1.3 1.1
Amendments (0.6) 0.2 (4.3) —
Actuarial (gain) loss (1.4) (14.0) 3.6 3.4
Foreign currency exchange rate changes (7.8) 7.7 ——
Retiree drug subsidy paid ——0.3 0.4
Benefits paid (39.8) (39.0) (5.2) (4.8)
Benefit obligation at December 31, 577.8 581.6 31.0 32.9
Change in plan assets
Fair value of plan assets at January 1, 606.6 579.2 19.0 17.3
Actual return on plan assets (119.9) 41.6 (4.0) 1.7
Employer contributions 3.7 15.5 3.9 3.7
Plan participants’ contributions ——1.3 1.1
Foreign currency exchange rate changes (9.8) 9.3 ——
Benefits paid (39.8) (39.0) (5.2) (4.8)
Fair value of plan assets at December 31, 440.8 606.6 15.0 19.0
Funded status of plan (137.0) 25.0 (16.0) (13.9)
Unrecognized prior service cost 4.5 5.9 (1.6) 3.1
Unrecognized actuarial loss 306.8 150.2 18.0 8.8
Prepaid (accrued) benefit cost $ 174.3 $ 181.1 $ 0.4 $ (2.0)
2008 ANNUAL REPORT 61